Dubai rent hikes: Discovery Gardens, Downtown put tenants under pressure

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By Parag Deulgaonkar  www.zawya.com

For apartment owners in Discovery Gardens, 2012 saw a reversal of fortunes as rents, which fell steeply in 2010 and 2011, rose sharply during the year with rental hikes in the affordable living community being at par with apartments in Downtown Dubai last year.

Downtown Dubai
Downtown Dubai

According to Asteco Property Management ‘s second half 2012 Dubai report, rents for one- and two-bed apartment in Discovery Gardens jumped 23 per cent on averge year-on-year. One beds are being leased for Dh45,000 per annum (pa), while two-bed are rented for Dh70,000 pa.

Similarly, one- and two-bed units in Downtown Dubai, costing Dh80,000 and Dh125,000 pa, respectively, also saw average rentals rising 23 per cent in 2012 over 2011.

Average rents in Dubai Marina and Jumeirah Lakes Towers rose 20 per cent with one-beds costing for Dh75,000 and Dh55,000 pa, respectively. More info

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